Peet's shares slump as WR Hambrecht cuts to "hold"

NEW YORK (CBS.MW) -- Shares of Peet's Coffee & Tea
peet
slumped 7 percent in early trade after WR Hambrecht cut the stock to "hold" from "buy" and said its current valuation amply reflects its growth outlook and financial performance. "We see little if any upside to our estimates to justify a higher valuation at this time," analyst Kristine Koerber told clients in a note. Koerber applauded the marketer of fresh whole bean coffee's efforts to improve unit growth, revamp store menus, increase office distribution and expand grocery store distribution but cautioned that the management team has a lot on its plate. Hambrecht is sticking with a $20 price target on the stock.

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